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More platforms to offer deposit services

Cater Allen Private Bank says it is looking to enable advisers to hold client deposits through a number of different platforms.

Last week, Money Marketing revealed that Cater Allen is one of the firms linking up with Seven Investment Management on its adviser deposit and loan service, which will be available on its platform.

Speaking at the PIMS annual conference on board the Aurora last week, Cater Allen’s national sales director Peter Beavis said the firm regards cash deposits as an important service to be made available to advisers.

He said: “We think deposits and cash are becoming ever more important and it is something advisers are looking at very seriously.

“We are talking to more platforms about offering the service to advisers. In light of the markets we think cash is a big thing going forward.”

7IM soft-launched its deposit service last week with around six 7IM staff accounts and is expected to launch fully on the platform by the end of May. The function will be available to advisers on the platform for no extra charge.

The Platforum managing director Holly Mackay says: “We have seen a few deals in recent months which suggest platforms are really broadening their horizons beyond the traditional mutual fund and Isa heartland. We are hearing noises about insurance and annuities coming to platforms, structured product platforms are on the rise and cash has arguably been a neglected asset in platform terms but it is now on the agenda. We think this move is really positive.”

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